Interac is a secure and easy-to-use online payment option that allows you to shop online and pay for purchases through Online Banking directly from your bank account. It established itself a preferred method for Canadian players to fund their online casino accounts and withdraw winnings as it is secure and one of the fastest ways to get withdrawals paid straight into their bank accounts.
Founded in 1984 as Interac Association, a cooperative initiative between Canadian banks to allow clients easier interaction through a shared network. Today, the company is known as Interac Corporation after a merger with a second initiative called Acxsys Corporation, offering Canadian customers a comprehensive catalogue of financial services for their transaction, on and offline.
Online casinos started offering Interac Online some years ago but it was slow to catch up with players. Maybe because e-wallets such as Ecopayz and Skrill were still available to them. After those have been largely prohibited for gambling transactions in Canada, it was Interac Online picking up most of the traffic that had to look for other ways to fund their casino accounts. Advances in technology and cross-country cooperation further extended the reach of Interac products, making them a more common sight among payment methods at online casinos.
Years ago only a handful of reputable casinos offered Interac Online but over the last 12 to 24 months that number has grown substantially and includes now the likes of Fun Casino, Videoslots, Hyper Casino, Casoola, Yako Casino and Dream Vegas. You will need to sign up with Interac Online via your bank to be able to use the services unless your bank automatically activated the option.
How To Deposit and Withdraw Using Interac Online
By using Interac Online, you are basically making an instant transfer from your bank account to a merchant, in our case an online casino, by using a secure interface or an app should you be on a mobile device. The emphasis is on instant as it will allow you to start playing the soon the transfer is completed.
To make a deposit, visit the banking lobby at the casino and select Interac Online from the menu which will bring up the Interac Online login page. Enter your credentials, select the account to debit money from, enter the amount and hit ‘send’. Cashouts via Interac Online work in reverse, simply choose the option in the withdrawal menu, enter the amount and hit ‘submit’ to have the money send directly to your bank account.
What Banks are Offering Interac Online?
A whole host of banks are listed to offer the service. A complete list can be found here.